Shares in carpets and floorings group Airea PLC (LON:AIEA) climbed as it reported profits had soared and the pound’s weakness following Brexit had restored its competitive edge.
The AIM-listed group, which owns the Burmatex and Ryalux brands of carpets and carpet tiles, saw profits more than double to £1.4mln (£650,000) in the year to June.
A rationalisation of its sites at Ossett and Wakefield also helped boost profit margins.
Revenues over the year fell to £24.6mln (£25.5mln), with the strength of the pound at the start of the year cited as one the reasons.
But that has now reversed following Brexit and Airea reckons it has an opportunity to grow exports again after years on the back foot.
Sterling’s dip has also strengthened its hand against foreign rivals in the UK.
As a sign of its growing confidence, the interim divided rises by 67% to 1.5p.
Shares jumped 33% to 28.5p.